FINANCIAL AND CREDIT SYSTEMS: PROSPECTS FOR DEVELOPMENT

Resilience of the banking system of Ukraine under external shocks

Iryna Bitner , Nadiia Viadrova , Iryna Dobrovolska — Tue, 30 Jun 2026 00:00:00 +0000

The article examines the institutional resilience of the banking system of Ukraine under an unprecedented external shock through a comprehensive analysis of the dynamics of key banking sector indicators and an assessment of the effectiveness of regulatory measures implemented by the National Bank of Ukraine.

Introduction. The banking system is a key element of a country’s financial infrastructure, the functioning of which directly determines the stability of the entire economy. Unprecedented external challenges have exerted significant pressure on the banking sector of Ukraine, threatening its operational capacity, capital adequacy, and depositor confidence.

Problem Statement. The banking system of Ukraine operates under conditions of large-scale external shocks, accompanied by infrastructure disruptions, a decline in economic activity, an increase in non-performing loans, and capital outflows. This necessitates a comprehensive analysis of the factors that have ensured its operational stability.

Unresolved Issues. Despite a significant body of research on banking resilience under crisis conditions, the specifics of financial sector functioning in a destabilized economic environment remain insufficiently explored, particularly regarding the effectiveness of regulatory instruments and the transformation of the deposit base under martial law conditions.

Purpose of the Article. To investigate the key factors of resilience of the banking system of Ukraine under external shocks, to analyze the dynamics of the main banking sector indicators, and to assess the effectiveness of the regulatory response of the National Bank of Ukraine.

Main Results. The dynamics of capital adequacy, profitability, asset quality, and the deposit base of the banking system are analyzed. Regulatory measures of the National Bank of Ukraine, as well as the role of international financial support in maintaining macro-financial stability, are examined.

Conclusions. The banking system of Ukraine has demonstrated significant institutional resilience under conditions of severe external stress, supported by a combination of monetary and regulatory policy measures, international assistance, and the digital transformation of financial services. Prospects for further recovery are associated with resolving the problem of non-performing loans and expanding lending to the real sector of the economy.

Monetary transmission mechanism under martial law in Ukraine

Kateryna Gonchar — Tue, 30 Jun 2026 00:00:00 +0000

The article investigates the peculiarities of the monetary transmission mechanism (MTM) functioning during martial law in Ukraine. The study establishes its economic nature, determines the effectiveness of monetary transmission channels, analyzes the impact of wartime factors on the monetary and credit sphere, and evaluates the influence of the central bank's monetary decisions on the real sector of the economy.

Introduction. The object of the research is the Monetary Transmission Mechanism (MTM) of the National Bank of Ukraine (NBU), viewed as a complex system of economic interrelations that transmits the regulator's decisions to the financial market and the real sector of the economy. The key characteristics of the MTM are identified as its two-phase structure (impact on the financial market followed by the real sector), its multi-channel nature, the presence of time lags (up to 18 months in Ukraine), the capacity for managed shock smoothing, and its critical dependence on the stability of the banking system and trust in the regulator.

Problem Statement. The full-scale russian invasion on February 24, 2022, created an environment of extreme uncertainty, making reliable forecasting impossible and compelling the National Bank of Ukraine to adapt its monetary policy to crisis conditions. The primary problem lies in the decreased efficiency of traditional market-based MTM levers and the weakening influence of its channels on inflation under martial law.

Unresolved Aspects of the problem. The specific features of MTM functioning during active hostilities require further study. Debatable issues include the expediency of fiscal dominance (monetary financing of the budget), the consequences of prolonged administrative and currency restrictions, and the impact of digitalization and virtual assets on the transparency of monetary circulation and the efficacy of monetary constraints.

Purpose of the Article. The goal of the research is to analyze the characteristics, effectiveness, and transformation of Ukraine's monetary transmission mechanism channels under martial law, as well as to evaluate the impact of the NBU's monetary decisions on the real sector of the economy and macro-financial stability.

Presentation of the main material. The article explores the functioning of key transmission channels: interest rate, exchange rate, credit, asset price, and expectations channels. It analyzes changes in the NBU's operational design, specifically the transition from classic inflation targeting to a specialized format involving a fixed exchange rate and the implementation of stringent currency limits. Particular attention is paid to the dynamics of the UONIA (Ukrainian OverNight Index Average), deposit rates, and the yields on Domestic Government Bonds (DGBs) as instruments of monetary influence. It is established that the monetary decisions of the National Bank of Ukraine had both positive and restrictive consequences for the real sector of the economy under wartime conditions.

Conclusions. The results of the study demonstrate that monetary transmission during the war has become less market-oriented and more dependent on administrative controls and external aid. The exchange rate channel emerged as the most effective, serving as a "nominal anchor" for stability through the fixed rate. Meanwhile, the credit channel proved ineffective due to high risks, and the interest rate channel operates with significant time lags. The practical significance of the research lies in the substantiation that, despite deformations, the MTM enabled a reduction in inflation from 26.6% to nearly 5% and supported economic recovery in 2023, confirming its role as a central element of state economic policy under the risks of martial law.

Mechanisms for ensuring the financial stability of agricultural enterprises: structural adaptation of financial provision under systemic crises and military shocks

Oleksandr Zaiets — Tue, 30 Jun 2026 00:00:00 +0000

The article investigates the transformation of the financial provision system of agricultural enterprises under the conditions of economic crises and military shocks.

Introduction. The destabilization of the financial environment under the impact of military shocks and macroeconomic crises has caused critical financial vulnerability of Ukrainian agricultural enterprises. Despite the high resilience of production processes, the sector faces the price disparity effect and large-scale degradation of equity capital, which virtually eliminates the possibility of classic self-financing. This highlights the problem of searching for adaptive financial provision mechanisms capable of ensuring the sector's viability under the conditions of limited access to market capital.

Problem Statement. The decapitalization of the agricultural sector and the asymmetry of market exchange under the conditions of military shocks have led to the institutional failure of traditional financing channels. Permanent liquidity deficiency makes self-financing of the industry impossible, undermining the continuity of production cycles. This necessitates the substantiation of alternative financial provision models to support the operational viability of producers under the destructive impact of the external environment.

Unresolved Aspects. The efficiency of integrating alternative financial provision sources with state anti-crisis instruments under the conditions of military shocks remains insufficiently studied. The mechanism for unlocking internal liquidity requires additional substantiation to prevent the decapitalization of the agricultural sector and to mitigate the destructive impact of crises without excessive debt burden.

The purpose of the article The purpose of the article is to substantiate the mechanisms of structural adaptation of the financial provision for agricultural enterprises to strengthen their financial stability under the conditions of systemic crises and military shocks.

Main Body. The determinants of the agricultural sector's financial vulnerability and the destructive impact of price disparity on producers' financial stability have been investigated. The transformation of cash flows has been analyzed, indicating a shift from capitalization strategies to an operational survival model. The role of state and alternative financial provision instruments in mitigating military shocks has been evaluated. The result is a developed adaptive risk management matrix aimed at unlocking liquidity and maintaining the financial stability of enterprises through the synergy of market and budgetary mechanisms.

Conclusions. It is proved that systemic crises and military shocks cause the degradation of agricultural producers' capital. It is established that ensuring financial stability requires a transition from capitalization strategies to operational survival models. It is substantiated that the structural restructuring of financial provision through the synergy of state and alternative instruments mitigates the impact of external shocks. The proposed adaptive risk management matrix ensures the maintenance of the sector's viability under the conditions of macroeconomic instability.

Implementation of ESG approaches in the accounting, reporting, and taxation system of enterprises in the context of sustainable development

Nataliia Loboda , Odarka Chabaniuk — Tue, 30 Jun 2026 00:00:00 +0000

The article explores the peculiarities of implementing ESG approaches into the system of accounting, financial reporting, and taxation of enterprises in Ukraine in the context of sustainable development. This analysis has made it possible to identify key directions for transforming the accounting and information system under conditions of European integration changes and the consequences of military actions, and to emphasize that the integration of environmental, social, and governance factors is an important tool for increasing reporting transparency and ensuring effective management of sustainable development of enterprises.

Introduction. In the current conditions of Ukraine’s economic development, the integration of sustainable development principles into enterprise activities is of particular importance. Global ESG (environmental, social, and governance responsibility) trends and internal transformations related to European integration commitments and the consequences of military actions create new requirements for accounting, financial reporting, and taxation systems. In this context, the role of accounting and information support is increasing, as it must reflect not only financial performance but also non-financial indicators of sustainable development.

Problem statement. Traditional accounting approaches do not provide a complete representation of the economic, environmental, and social impact of enterprises’ activities, which complicates the assessment of their sustainable development and the making of effective managerial decisions.

Unresolved aspects. Despite the active development of the ESG concept, there are gaps in Ukraine’s regulatory framework regarding the integration of ESG components into the chart of accounts and taxation mechanisms. There are no methodologically substantiated approaches to the formation of information for taxation purposes regarding expenditures on ESG projects.

Objective of the article. The aim of the study is to develop approaches to the implementation of ESG principles into the system of accounting, financial reporting, and the formation of information for taxation purposes of enterprises in order to ensure a comprehensive assessment of sustainable development and efficient resource management.

Main material. The research was conducted using systemic, logical, and comparative analysis of Ukrainian regulatory legal acts and international ESG reporting standards (CSRD, ESRS). A fragment of a working chart of accounts integrating ESG factors has been proposed, which provides for the detailing of expenses and income by environmental, social, and governance directions. This enables the generation of relevant information for both financial and non-financial reporting.

Conclusions. The results of the study confirm the possibility of forming an integrated information base that combines financial and non-financial indicators of enterprise sustainable development. This contributes to increased reporting transparency, improved quality of managerial decisions, and stimulation of "green" investments. The proposed methodological approaches may be used to modernize the accounting system, financial reporting, and practices of forming information for taxation purposes of enterprises in Ukraine.

Adapting strategic analysis frameworks for corporate resilience in high-risk and uncertain environments

Olga Petrykiva, Denys Dolhov — Tue, 30 Jun 2026 00:00:00 +0000

The article examines the problems of applying classical strategic analysis tools in modern economic conditions characterized by a high level of entropy, uncertainty, and war-related risks.

Problem statement. Although researchers have extensively studied the need for flexible approaches, they have all focused on the short term, without considering the conceptual foundations for transforming adaptability into sustainable competitive resilience. Furthermore, there is a need to develop a reliable quantitative tool for measuring marketing adaptability.

Unresolved aspects of the problem. Despite the existence of thorough theoretical research, the issue of developing integrated models of adaptive management that organically combine a strategic vision with mechanisms for the operational adjustment of decisions remains insufficiently explored. The academic literature lacks tools for enterprises to systematically integrate digital analytics into their day-to-day strategic activities.

Purpose of the article. This article establishes the theoretical and methodological foundations for adaptive strategic management in enterprises and identifies practical tools to ensure strategic resilience, flexibility, and adaptation to change amidst uncertainty and military conflict.

Presentation of the main material. The shift from traditional planning to flexible, proactive strategies based on continuous monitoring is justified and proven. Adaptive strategies can improve decision timeliness, optimize resources, and enhance resilience to external challenges.

Conclusions. In the context of military operations and a rapidly changing external environment, traditional models of strategic analysis are losing their effectiveness, giving way to adaptive strategies based on the principles of flexibility, practicality and continuous monitoring.

Accounting and analytical support for agricultural monitoring as a tool for improving the performance of agricultural enterprises

Tue, 30 Jun 2026 00:00:00 +0000

Agricultural monitoring combines systematic data collection on crop conditions and resource use with accounting frameworks that record financial and operational activities. In Ukraine, effective monitoring systems have become essential for maintaining global competitiveness. The integration of accounting and analytical support transforms raw data into actionable insights, linking financial outcomes directly to farming practices.

Problem statement. The core issue lies in fragmented implementation of monitoring systems across Ukrainian agricultural enterprises. Many farms operate with legacy accounting systems that do not communicate with modern analytical tools such as satellite imagery or soil sensors. Small and medium-sized farms face additional barriers including inadequate internet infrastructure, limited financial resources, and a workforce insufficiently trained in data-driven agriculture.

Unresolved aspects. Key challenges include the lack of standardized data formats for integrating accounting information with precision agriculture technologies, insufficient methodologies for linking financial KPIs to agronomic metrics, and limited research on monitoring system performance under wartime conditions. The role of government support in facilitating technology adoption requires further analysis.

Purpose of the article. To substantiate the strategic role of accounting and analytical support in agricultural monitoring and to propose a structured framework for improving enterprise performance in Ukrainian agricultural enterprises, accounting for technological, economic, and human capital constraints.

Presentation of the main material. The article analyzes accounting functions including cost tracking, inventory management, asset utilization, and budget control as they apply to agricultural monitoring. It examines the use of precision technologies such as satellite imagery, soil sensors, and yield monitors for field-level data collection. Special attention is given to integrating accounting data with analytical outputs through ERP systems, enabling return-on-investment calculations for specific inputs. The study also addresses implementation barriers, phased adoption strategies, and the role of KPIs in measuring financial, operational, and sustainability performance.

Conclusions. Accounting and analytical support for agricultural monitoring enhances enterprise performance, strengthens resource efficiency, and fosters long-term competitiveness in Ukrainian agriculture. A structured integration of financial and agronomic data enables enterprises to navigate uncertainty and achieve sustainable growth in domestic and international markets.

Fiscal and regulatory aspects of customs duties (payments) in the tax and customs systems of Ukraine

Viktor Synchak , Tetiana Samaricheva , Dmytro Samarichev — Tue, 30 Jun 2026 00:00:00 +0000

The object of this study is the system of customs duties within Ukraine’s tax and customs systems and their fiscal and regulatory interaction. The key characteristics of the subject under study are the dual legal nature of customs payments, their dependence on customs value as the tax base, and their high sensitivity to the external economic environment in the context of global economic turbulence and military challenges.

Problem statement. The main problem lies in the fragmentary nature of the regulatory framework governing customs payments, which manifests itself in the inconsistency of the provisions of the Tax and Customs Codes of Ukraine, as well as in the heightened instability of the fiscal burden on business in the context of changes in foreign trade flows, currency fluctuations and regulatory transformations.

Unresolved issues. Despite significant academic work, the issue of the systematic harmonisation of customs payments as a single category of ‘customs taxes (payments)’, as well as their role as an integrated instrument of fiscal and regulatory influence in the context of an unstable business environment and European integration processes, remains insufficiently researched.

Purpose of the article. The aim of the study is to provide a comprehensive justification of the fiscal and regulatory significance of customs payments, to define the role of customs value as a harmonised tax base, and to formulate proposals for improving the regulatory consistency of Ukraine’s customs and tax legislation.

Main material. This study employs dialectical, analytical-synthetic, empirical and comparative methods to examine the structure of customs revenue in 2020–2024, analyse the dynamics of its share in budget revenue, and assess the impact of customs duties on the tax burden on businesses. Particular attention is paid to the transformation of approaches to determining customs value in accordance with WTO and EU standards, as well as the impact of digitalisation and risk-based control on the effectiveness of customs administration.

Conclusions. It has been demonstrated that customs payments, despite their declining share of budget revenue, retain significant regulatory importance and substantially influence the financial stability of businesses in conditions of global instability. The feasibility of harmonising terminology and introducing the category of ‘customs taxes (payments)’ has been substantiated, which will enhance the transparency and predictability of fiscal policy. The practical significance of the findings lies in the formulation of recommendations to reduce administrative pressure, increase the adaptability of the customs system, and ensure a balance between the state’s fiscal interests and the sustainability of business activity.

Analysis and control as tools for optimizing business process management under conditions of uncertainty

Tue, 30 Jun 2026 00:00:00 +0000

The object of the study is the enterprise business process management system, which under martial law operates under the influence of increased uncertainty, risks, and dynamic changes in the external environment. The key tools ensuring its effectiveness are analysis and control as fundamental management functions.

Problem statement. The intensification of uncertainty factors necessitates the improvement of enterprise business process management, particularly through enhancing the role of analysis and control as tools for ensuring their performance and efficiency.

Unresolved issues. Despite a significant number of scientific studies, issues related to the integration of analysis and control into the system of business process optimization, taking into account industry-specific features of enterprises, as well as the development of relevant competencies of specialists under conditions of uncertainty, remain insufficiently explored.

Purpose of the article. The purpose of the study is to generalize and further develop theoretical, methodological, and practical provisions regarding the role of analysis and control in optimizing enterprise business process management.

Main material. The methodological basis of the study includes general scientific and special methods, such as comparison, systematization, generalization, analysis and synthesis, induction and deduction, as well as systemic and comprehensive approaches. The paper generalizes approaches to defining the essence of business processes, substantiates the role of analysis and control as key tools for their optimization, identifies factors influencing the business process management system, and outlines the necessary competencies of specialists in accounting and analytical fields. The list of components and methods of business process optimization has been expanded depending on the implementation period and the depth of changes.

Conclusions. The study demonstrates that effective management of enterprise business processes under conditions of uncertainty requires the integration of analysis and control at all stages of management. The practical significance lies in the development of recommendations for improving methodological and organizational approaches to business process optimization, as well as in specifying the professional competencies of specialists capable of enhancing enterprise performance in a turbulent environment.

Modern approaches to accounts receivable management

Nataliia Tkachenko , Maryna Hatsko — Tue, 30 Jun 2026 00:00:00 +0000

Under conditions of market competition and economic instability, effective accounts receivable management is a key factor of financial stability for business entities. As the business environment evolves, approaches to accounts receivable management are also undergoing transformation and refinement.

Problem statement. Despite substantial academic research, Ukrainian enterprises face excessive accumulation of accounts receivable — up to 40–60% of current assets. At the same time, traditional management methods do not fully capture the specifics of extended delivery timelines and currency fluctuations characteristic of the domestic business environment. This calls for continuous revision and refinement of established management models, as well as the adaptation of relevant international experience.

Unresolved aspects. A systematic comparative analysis of modern accounts receivable management models — considering their applicability across industries and business types — is lacking. The role of staged payment schemes as a preventive tool for mitigating credit and currency risks has not been sufficiently substantiated.

Purpose. To systematize and compare five key accounts receivable management models, examine their real-world applications under different market conditions, and develop industry-differentiated recommendations for the optimal combination of individual models.

Main material. A comparative analysis is conducted of the traditional credit model, ABC/XYZ analysis, factoring, the AI/machine-learning-based model, and the staged payments model. For each model, the mechanism of action, advantages, limitations, and actual practice of application are described. A matrix of optimal model combinations by enterprise type is developed.

Conclusions. No single model, taken in isolation, provides comprehensive management of accounts receivable. The most effective approach is a hybrid strategy combining the credit model as a foundation, ABC/XYZ analysis for prioritization, and the situational use of staged payments, factoring, or AI-based tools depending on the industry and scale of business.

The crowding-out effect of nbu deposit certificates on corporate lending in Ukraine

David Menabdishvili, Viktoriya Baranova — Tue, 30 Jun 2026 00:00:00 +0000

The article examines the relationship between the volume of NBU deposit certificates and corporate lending in hryvnia over 2016–2025.

Problem statement. Following the onset of the full-scale war, the Ukrainian banking system has remained in a state of excess liquidity, yet lending to the real sector has stagnated. This raises the central question of the present study: do NBU deposit certificates crowd out corporate lending, and if so, through which channel?

Unresolved aspects of the problem. Existing literature examines the crowding-out effect predominantly through the channel of government borrowing. The Ukrainian case is distinctive because NBU deposit certificates are a voluntary instrument rather than sovereign debt. No formal econometric test of this hypothesis has been conducted on Ukrainian data, particularly over a long horizon, controlling for structural breaks.

Purpose of the article. To empirically substantiate the hypothesis that NBU deposit certificates crowd out corporate lending and to identify the specific channel of this effect under martial law conditions.

Presentation of the main material. The analysis draws on 120 monthly observations for 2016–2025. Four OLS specifications were estimated with dummy variables for COVID-19 and martial law, an interaction term, Granger causality tests, and the Chow structural break test. The findings reveal a distinctly wartime nature of the crowding-out effect: in the pre-war period, the relationship is statistically insignificant, whereas under martial law, the regression coefficient is −0.205 and the explanatory power is 87 %. The interaction term confirms that the effect intensifies specifically in wartime conditions.

Conclusions. The opportunity-cost channel has been identified as the mechanism of crowding out, distinct from the classical resource-deficit pattern. Enterprises can use NBU deposit certificate dynamics as a leading indicator of credit availability under martial law and act proactively to seek alternative financing sources.

Probabilistic-automatic modeling of the balance sheet of foreign trade of Ukraine with EU countries in terms of goods

Olesia Totska — Tue, 30 Jun 2026 00:00:00 +0000

Abstract. Ukraine carries out intensive trade in goods with EU countries. This is facilitated by a convenient geographical location, an extensive road network and other factors.

Problem statement. For planning the activities of enterprises, searching for external partners, as well as for forming the state’s foreign trade policy, it is advisable to analyze and forecast trade indicators, including by building simulation models.

Unresolved aspects. Given the gap in the use of probabilistic-automatic modeling in the field of studying Ukraine’s foreign trade with 27 EU countries both in general and in terms of countries, this article is designed to fill it.

Purpose of the article. The purpose of the article is to build a probabilistic-automatic model of the dynamics of the balance of export-import operations between Ukraine and EU countries in terms of goods.

Main material. The article defines the initial parameters of the model; forms a graph of connections between automatons; determines the structure of the alphabet matrix of the system; builds a system of functions of automatons’ outputs; a table of conditional functionals-transitions was formed; a vector of initial states of automatons was determined as actual data on foreign trade in goods between Ukraine and 27 EU countries in 2024; a system of distribution of independent random variables was constructed; simulation runs of the model were conducted using the Microsoft Excel program.

Conclusions. It is predicted that the balance sheet of Ukraine’s foreign trade with EU countries in terms of goods in 2025–2027 will be negative, that is, imports will exceed exports, but this difference will decrease annually.

Digital instruments of monetary and prudential policy in ensuring the cybersecurity of the financial space

Victoria Kovalenko , Sergii Sheludko , Olena Serhieieva — Tue, 30 Jun 2026 00:00:00 +0000

In the context of the unprecedented pace of digital transformation and the escalation of geopolitical risks, traditional methods of monetary regulation require a fundamental reconsideration.

Problem statement. The evolution of cyber threats – from financial fraud to complex operations involving artificial intelligence – poses significant risks to macroeconomic stability. The development of an integrated protection system based on central bank digital currencies (CBDCs) and SupTech instruments constitutes a critical prerequisite for preserving financial sovereignty, particularly for Ukraine in the context of European integration and martial law.

Unresolved aspects of the problem. The theoretical substantiation and development of practical recommendations for integrating advanced digital instruments (CBDC, artificial intelligence, distributed ledger technology (DLT), and SupTech) into monetary and prudential policy mechanisms in order to form a comprehensive cybersecurity framework for the financial sector remain insufficiently addressed.

Purpose of the article. The purpose of this article is to provide a theoretical substantiation and to develop practical recommendations for integrating modern digital instruments (such as artificial intelligence, blockchain technologies, and SupTech) into monetary and prudential policy mechanisms in order to establish a comprehensive cybersecurity system for the financial sector.

The study is grounded in a systemic approach to analysing the coordination of regulatory policies. The methodology includes comparative legal analysis (comparing the models of the e-hryvnia and the Digital Euro), structural and functional modelling (two-tier CBDC architecture), and scenario analysis to identify cyber risks (including DDoS attacks and smart contract vulnerabilities) and methods for their mitigation.

Presentation of the main material. A model of hybrid coordination has been developed, in which cybersecurity is integrated directly into the mechanism of monetary transmission. It has been demonstrated that the programmability of the e-hryvnia and the application of Zero-Knowledge Proofs (ZKP) technologies enable the automation of prudential supervision while preserving user privacy. Global case studies (China, the European Union, and the Bahamas) have been analysed, and the specific features of the Ukrainian e-hryvnia project have been identified as instruments for enhancing transparency and cyber resilience.

For the first time, it is proposed to consider a central bank digital currency not only as a means of payment but also as an active element of the cyber-prudential system, enabling the dynamic adjustment of liquidity and limits under conditions of real cyberattacks. The concept of convergence between SupTech and RegTech systems based on unified distributed ledgers has been further developed.

The proposed architectural model and cyber-risk matrix may be utilised by the National Bank of Ukraine in the finalisation of the e-hryvnia project and in the development of digital operational resilience standards in accordance with the DORA regulation.

Conclusions. It has been demonstrated that digitalisation transforms the regulator into an architect of a secure financial environment. Further research will focus on the interoperability of CBDCs across countries and the role of artificial intelligence in preventing manipulation in digital asset markets.

Digitalization of marketing: challenges and opportunities of metaverse integration

Tue, 30 Jun 2026 00:00:00 +0000

The object of the study is marketing in the metaverse, which is a new frontier of digital marketing, based on the use of virtual worlds to interact with the target audience and integrate brands into the digital environment. It is proven that the transformation of marketing in the metaverse is becoming one of the main directions of development of modern entrepreneurship, aimed at expanding the company’s presence on the Internet, forming and maintaining the loyal attitude of consumers of various target groups.

Problem statement. It is established that in today's conditions, digitalization of marketing contributes to a more complete coverage of the company’s target audience, allows you to convey information about the brand to consumers faster and more efficiently, to form an idea of the competitive advantages of products and services offered by the company. An assumption is made about the decisive influence that the process of forming and developing the metaverse has on marketing. The need for a thorough analysis of trends associated with the spread of this phenomenon, as well as outlining the opportunities and challenges that it creates in the field of marketing, is proved.

Unresolved aspects of the problem. Recent research on the formation and development of the metaverse and its impact on marketing activities is reviewed. It is found that the opportunities and challenges associated with the integration of the metaverse into marketing require clarification.

Purpose of the article. The purpose of the research is to analytically study the processes associated with the active spread of the metaverse in society and specify its impacts on marketing, which are manifested in the generation of opportunities for improving marketing activities based on digital technologies and the emergence of challenges associated with this process.

Presentation of the main material. The latest research and analytical materials on the spread of digital technologies in the economy and social life, individual indicators characterizing historical data, the dynamics of the Metaverse, forecasts and plans, as well as assessments and impacts related to the spread of this phenomenon are analyzed. It is established that the metaverse in the current conditions demonstrates a steady growth trend. This allows its development to be considered one of the main trends of modernity, which should be taken into account, in particular in the field of marketing. The opportunities and challenges that the metaverse creates for marketing are considered.

Conclusions. The results of the study show that the metaverse creates unprecedented opportunities for marketers to expand and improve the effectiveness of interaction between the company and consumers. The challenges associated with the integration of the metaverse into digital marketing are also identified, which are due to the presence of current problems in the areas of regulating interactions in the metaverse, security, and adaptation to change. It is proven that taking into account the identified opportunities and challenges will allow making the right management decisions related to marketing in the metaverse.

International investment in artificial intelligence: investment asymmetry and risks of technological dependence in EU countries

Iryna Shkodina — Tue, 30 Jun 2026 00:00:00 +0000

The article examines the characteristics of international investment in artificial intelligence (AI) and its impact on the economic development of European Union (EU) countries in the context of intensifying global competition. It is established that investment activity in AI is highly concentrated, leading to structural asymmetries between leading technological hubs and other regions.

Problem statement. Global competition in AI has evolved into a form of technological rivalry in which the scale of investment determines not only the market positions of individual firms but also the strategic autonomy of entire regions. The relevance of the study is driven by the growing investment asymmetry between the United States and the EU: in 2024, private AI investments in the U.S. exceeded those in the EU by 15 - 20 times, while the EU’s share in global AI investment continues to decline.

Unresolved issues. Despite a substantial body of research on the AI economy, the interrelation between the nature of international investments, specific channels of technology transfer, and the formation of long-term technological dependence in the EU remains insufficiently explored.

Purpose. The aim of the article is to provide a comprehensive analysis of investment asymmetry in AI, assess the mechanisms of technology transfer and their impact on the EU’s technological dependence, and substantiate strategic directions for enhancing regional competitiveness.

Main results. The study systematizes the key channels through which AI technologies are transferred by U.S. multinational corporations to the EU. While these channels generate tangible benefits for the European economy, they simultaneously reinforce dependence on external technological solutions. The EU’s regulatory framework is shown to produce a dual effect: it protects markets and consumers, yet increases compliance burdens, particularly for startups, whereas large corporations possess sufficient resources to adapt. Considerable attention is also given to the ESG dimension of AI investments.

Conclusions. AI investments are increasingly concentrated in a limited number of global technological centers, thereby intensifying asymmetries in global technological development. The EU faces a strategic choice between remaining a consumer of technologies or becoming their producer. Key priorities include the development of domestic AI infrastructure, support for innovative enterprises, retention of human capital, and improvement of investment transparency mechanisms. The findings can inform the design of EU economic and innovation policies.

Intelligent decision support systems in precision agriculture and resource conservation

Nataliia Gerasymchuk , Oksana Vialets , Hanna Dashchenko , Ihor Dzemishkevych — Tue, 30 Jun 2026 00:00:00 +0000

Ukrainian agriculture faces productivity pressures amid wartime disruptions and volatile commodity markets. Traditional agriculture enterprise management no longer suffices for maintaining competitiveness. Intelligent agromonitoring systems integrate remote sensing and ground sensors to support evidence-based decision-making.

Problem statement. Fragmented adoption of intelligent technologies limits effectiveness. Many agriculture enterprises lack integrated platforms combining satellite imagery with soil sensor data. Small producers face barriers including unreliable rural connectivity, high equipment costs, and insufficient technical expertise.

Unresolved aspects. Key challenges include limited interoperability between monitoring hardware and software, absence of standardized data formats linking field observations with accounting, and insufficient local-language interfaces. The effectiveness of cooperative purchasing models requires further investigation.

Purpose of the article. To substantiate the strategic role of the intelligent systems based on analytical support of the agromonitoring data and to propose a framework for integrating remote sensing and predictive models into farm planning.

Presentation of the main material. The article analyzes four intelligent monitoring technologies: satellite remote sensing, weather stations, soil sensors, and drones. It examines decision support across operational levels including irrigation timing and pest control, tactical levels covering crop selection, and strategic levels such as land investment. Resource optimization for fertilizers, water, and fuel demonstrates cost reductions of fifteen to thirty percent. Implementation barriers including connectivity gaps and skill shortages are addressed with corresponding solutions. Special attention is given to early warning for disease outbreaks and drought stress detection.

Conclusions. the intelligent systems based on analytical support of the agromonitoring data enhances decision quality, reduces input expenditures, and improves yield forecasts. A comprehensive monitoring framework enables enterprises to navigate production uncertainty and sustain competitiveness.

Professional ethics of accountants of the ancient east: historical-philosophical aspect

Оleksandra Holovko , Serhiy Girenko — Tue, 30 Jun 2026 00:00:00 +0000

In the modern world, where responsibility, honesty and transparency are the cornerstones of professional ethics of accountants, there is a need to understand the historical and philosophical origins of these principles. Professional ethics is considered as a dynamic system that is formed under the influence of technology, globalization and philosophical paradigms of its time. The relevance of the study is due to the insufficient development of a direct analysis of the ethics of an accountant in the paradigm of the dominant philosophical views of early civilizations. The purpose of the article is to analyze the genesis of professional principles through the prism of deontological ethics of the duty of accountants of the Ancient East. The article carries out a historical and philosophical analysis of the ethical foundations of the accounting profession of the Ancient East, identifying deontology as the ethical foundation of the profession in early civilizations.

The source base is the works of Ukrainian scientists (Butynets F.F., Dankiv Y.Ya., Ostap’yuk M.Ya., Popovych M.D., etc.), as well as primary legal monuments of the Ancient East, such as the Laws of Eshnunna and the Code of Hammurabi.

Accounting culture originated in the Tigris and Euphrates Interfluve at the end of the 4th - beginning of the 3rd millennium BC, which was caused by the need to account for large temple and royal farms. The Code of Hammurabi, detailing the complexity of economic relations, actually justified the need for accountants-scribes, whose detailed records served as key evidence of property rights and a guarantor of legal justice. The ethical behavior of Mesopotamian accountants was based on theological deontology and the principle of talion, which demanded a fair balance between crime and punishment for accounting violations. In ancient Egypt, the ethics of the accountant were regulated by the principles of justice of Maat, demanding absolute accuracy and truthfulness. In ancient China, the cornerstone of accounting was the warehouse inventory, and ethics required impeccable adherence to procedures and rituals as elements of strengthening the state. In contrast, in ancient India, the development of accounting was limited by the dominance of philosophical movements, in particular Buddhism, which did not approve of active economic activity.

Introduction. The relevance of this study stems from the need to analyze the moral foundations of the accounting profession through the lens of philosophical paradigms, an aspect that remains an under-researched area in the history of accounting.

Problem statement. A profound philosophical analysis of the ethical foundations of the profession has largely escaped the attention of scholars. There exists a contradiction between the perception of accounting as a purely technical procedure and its true nature as a moral and ethical act.

Unresolved aspects of the problem. The interconnections between specific philosophical doctrines and concrete ethical norms of professional conduct for accountants remain insufficiently explored.

Purpose of the article. To analyze the professional ethics of accountants in the Ancient East from a historical and philosophical perspective.

Presentation of the main material. A complex of general scientific and specialized methods was employed: the historical method was used to trace the origins of accounting and the formation of ethical requirements for specialists; the comparative method allowed for a juxtaposition of the ethical paradigms of various civilizations of the Ancient East; the systems approach enabled the viewing of professional ethics as a dynamic system integrated into the broader cultural and religious context of the era.

Conclusions. The professional ethics of an accountant is the successor to the deontological systems of the Ancient East, where responsibility and honesty were viewed not merely as legal norms, but as sacred virtues that guaranteed social and cosmic order. Historical and philosophical analysis proves that the accountant's role as a guarantor of justice has remained constant for millennia, transforming from religious service into the foundation of modern global economic trust.

Citizen-centric E-Governance: G2C ecosystems and the transformation of citizen–state interaction in the EU

Liudmyla Ilich, Samarjeet Borah — Tue, 30 Jun 2026 00:00:00 +0000

Object of the study is the transformation of models of citizen–state interaction in the context of public sector digital transformation, particularly within the Government-to-Citizen (G2C) paradigm in the European Union.

Problem statement. The digital transformation of the public sector leads to significant changes in the ways citizens interact with the state. In European Union countries, these processes are increasingly associated with the transition from traditional e-government models to integrated human-centric digital governance ecosystems.

Unresolved issues. Despite the active implementation of digital governance tools, the evolution of citizen–state interaction models and the systemic development of human-centric G2C ecosystems remain insufficiently conceptualized, especially in the context of their adaptation to Ukrainian realities.

The purpose of the study is to analyze the evolution of citizen–state interaction models in the context of digital transformation, to examine the development of G2C ecosystems in the European Union, and to identify opportunities for applying this experience in Ukraine.

Research methodology and main results. The study employs methods of comparative analysis, generalization of European digital governance policies, and conceptual modeling of G2C ecosystem development. The article systematizes the evolution of citizen–state interaction models –from e-government to human-centric digital governance—and provides a preliminary mapping of G2C ecosystems across EU countries. Key development trends are identified, including the expansion of proactive public services, the emergence of platform-based governance models, the use of artificial intelligence for the personalization of public services, and the development of interoperable digital infrastructures. Particular attention is given to the analysis of key challenges, such as the fragmentation of government information systems, uneven development of electronic identification mechanisms, the digital divide among population groups, and regulatory challenges related to the use of artificial intelligence in the public sector.

Scientific novelty lies in the conceptualization of the evolution of citizen–state interaction models in the context of public sector digital transformation and in the systematization of European experience in the development of human-centric G2C ecosystems.

Conclusions. The findings indicate that the transition to human-centric digital governance requires not only technological modernization but also deep institutional transformation, integration of public services, and adherence to the principles of interoperability and proactivity. The results define practical directions for applying European experience in Ukraine, particularly in the integration of digital public services, the development of proactive services, and the enhancement of interoperability among government information systems.

Information and analytical support for management decision-making in agribusiness based on agromonitoring

Tue, 30 Jun 2026 00:00:00 +0000

Information and analytical support are key efficiency drivers in Ukrainian agribusiness. The study examines how agromonitoring data – satellite indices, soil sensors, weather stations – shape management decisions under climate volatility and military risks.

Problem statement. The core issue is a disconnect between raw agromonitoring data and economically justified decisions. Many farms accumulate NDVI, moisture, and temperature data but lack standardized methods to calculate gross margin per hectare, water productivity, or ROI on agrotechnologies. Low digital literacy among agronomists and fragmented IT systems prevent profit-maximizing actions.

Unresolved aspects. Key gaps include the absence of unified accounting integration between IoT sensors and ERP systems, making real-time labor efficiency and technology ROI calculations impossible. The impact of military disruptions on data reliability remains unexplored. No consensus exists on risk-adjusted return metrics for agromonitoring investments.

Purpose of the article. To substantiate the economic role of agromonitoring in management decision-making for Ukrainian agribusinesses and propose an adaptive framework linking analytical indicators to financial, operational, and marketing strategies.

Presentation of the main material. The article analyzes how vegetation indices and soil data trigger specific decisions: variable rate fertilization (15–25% cost reduction), precision irrigation (20–40% water savings), and harvest logistics (10–20% cost reduction). Economic metrics – gross margin per hectare, technology ROI (150–300% over 3–5 years), risk-adjusted returns (30–40% volatility reduction) – are critically assessed. Implementation phases and organizational resistance are examined. The role of agromonitoring in quality management and export certification is highlighted.

Conclusions. Agromonitoring enhances profitability and adaptability when linked to accounting and marketing decisions. Phased implementation with staff training ensures competitive advantages. Future priorities include AI-based prescriptive analytics and ESG compliance.

Financial psychology as a tool of strategic international marketing

Olena Sukach, Sergii Savchenko — Tue, 30 Jun 2026 00:00:00 +0000

The article examines financial psychology as a modern tool for enhancing the effectiveness of strategic international marketing in the context of globalization and increasing intercultural competition. It is substantiated that consumer financial behavior is shaped not only by economic factors, but also by cognitive biases, emotional reactions, the level of financial literacy, cultural values, and the specific features of risk and value perception.

Introduction. Contemporary approaches to marketing analysis are primarily focused on economic and demographic indicators, while insufficiently considering the psychological mechanisms underlying consumer decision-making. In particular, inadequate attention is paid to cognitive biases, consumers’ risk propensity, price perception specifics, the influence of cultural and social norms, as well as behavioral reactions to advertising stimuli and promotional activities. As a result, the effectiveness of marketing strategies often fails to correspond to the actual behavior of consumers in international markets. One of the promising directions for addressing this issue is the integration of financial psychology tools into the system of strategic international marketing.

Problem Statement. Traditional approaches to international marketing, which are mainly based on demographic and economic indicators, do not provide a comprehensive understanding of actual consumer behavior in international markets. This creates an imbalance between the expected effectiveness of marketing strategies and the real responses of consumers, especially under conditions of intercultural interaction.

Unresolved Issues. Modern scientific literature lacks a comprehensive approach to integrating financial psychology into strategic international marketing. The interrelationship between cognitive biases, emotional factors, and strategic marketing decisions remains insufficiently studied. In addition, there are no universal tools for assessing the impact of financial-psychological factors on the key performance indicators of international marketing.

Purpose of the Article. The purpose of the study is to provide a theoretical justification and develop practical recommendations for integrating financial psychology into strategic international marketing in order to improve the effectiveness of managerial and marketing decisions of companies in global markets.

Main Material. The methodological basis of the research is an interdisciplinary approach that combines the principles of financial psychology, behavioral economics, international marketing, and cross-cultural studies. The study systematizes the main cognitive biases and emotional factors influencing consumer behavior in the international environment. A conceptual model for integrating financial psychology into strategic international marketing is proposed, encompassing the cultural-psychological foundation, cognitive biases, mechanisms for adapting the marketing mix, trust-building instruments, and a performance evaluation block.

Conclusions. It has been proven that the integration of financial psychology into strategic international marketing contributes to improving the accuracy of forecasting consumer behavior, the effectiveness of marketing strategies, the level of brand trust, and the efficiency of marketing investments. The practical significance of the study lies in the possibility of applying the proposed approaches to adapt pricing strategies, marketing communications, loyalty programs, and the personalization of consumer interaction in international markets.

Risks of using generative artificial intelligence in marketing research

Nina Pavlishyna — Tue, 30 Jun 2026 00:00:00 +0000

The article examines the practice of using generative artificial intelligence (GAI) in marketing activities, which allowed us to identify its impact on marketing research and outline the risks that researchers face at each stage of the process.

Introduction. Digitalization is changing the business landscape. A technology that has a significant scope of application and is capable of performing many tasks efficiently is generative artificial intelligence. In addition to the ability to automate routine processes, GAI is able to generate ideas, understand the client more deeply, provide hyper-personalization, make better forecasts and offer innovative solutions in the field of marketing. Its use expands the possibilities for analyzing data sets and predictive analytics, but at the same time is accompanied by a number of risks and challenges. This necessitates a critical understanding of the consequences of using GAI in marketing research.

Problem statement. The integration of generative AI into marketing research is transforming approaches to collecting, processing, and interpreting consumer behavior data. While AI technologies provide obvious benefits, there is a growing dependence on algorithmic solutions, the use of which carries risks that can significantly affect the results obtained.

Unresolved aspects of the problem. espite the significant interest in AI on the part of scientists, the issue of using generative artificial intelligence in marketing research is beyond their attention. In particular, the issues of ensuring data confidentiality, data quality control, combating bots, preventing "hallucinations" of AI models, and others remain unaddressed. That is, risks that violate human rights and can distort research results.

Purpose of the article.The purpose of the article is to systematize the risks of using AI in marketing research and find ways to minimize them.

Presentation of the main material. Analytical reports of research agencies on the practice of using AI are analyzed. Practical areas of its application in marketing activities are highlighted, the advantages and disadvantages of using AI in the process of marketing research are highlighted, the risks faced by market researchers are outlined, the risks of using AI in marketing research are systematized by the nature of their origin, and measures to minimize the identified risks are provided.

Conclusions. Marketing research using AI should be based on the use of a hybrid approach (human ↔ AI), since it is able to provide an optimal combination of the advantages of algorithmic technologies and human expertise. The practical significance lies in the possibility of minimizing risks, adhering to ethical standards, and reducing errors in decision-making.

Demographic challenges of population ageing: transformation of internal control, internal audit, and management systems at enterprises

Alina Shum — Tue, 30 Jun 2026 00:00:00 +0000

Abstract. The article explores the demographic challenges of population ageing and their impact on the transformation of internal control, internal audit, risk management, and corporate governance systems. Particular attention is paid to changes in the structure of human resources, the growing share of older age groups, and the need to adapt management systems to new socio-economic conditions.

Problem statement. Population ageing in economically developed countries, particularly in the European Union, leads to a reduction in the working-age population, increased pressure on public finances, and a transformation of the labor market. Under these conditions, traditional systems of management, internal control, and audit require modernization to ensure the effective functioning of business entities.

Unresolved aspects of the problem. Despite a significant number of studies in the field of demographic ageing and its macroeconomic consequences, the impact of population ageing on the systems of internal control, internal audit, risk management, corporate governance, and public administration remains insufficiently explored.

Purpose of the article. The purpose of the study is to analyze the impact of demographic ageing trends on internal control, internal audit, and management systems, as well as to justify the necessity of their adaptation to modern demographic challenges.

Presentation of the main material. The study utilizes general scientific and specialized methods of cognition: analysis and synthesis, as well as statistical, comparative, and systematic approaches. The information base consists of statistical data, analytical publications, and scientific papers on the issues of demographic ageing, corporate governance, and internal audit. The article proves that demographic shifts necessitate the digitalization of management and control processes, the development of adaptive management models, and the integration of older employees into modern economic processes.

Conclusions. It is substantiated that the adaptation of internal control, internal audit, and management systems to demographic challenges is a prerequisite for ensuring sustainable economic development. The implementation of digital technologies, professional training programs, and mechanisms for engaging individuals aged 60+ in economic activity will contribute to increased labor productivity, stabilized public finances, and the creation of additional competitive advantages for business entities.